In the age of the Internet, digital marketing is one of the most cost-effective routes B2B companies of all sizes need to use to make themselves more visible to their target audience. However, considering that running a business is expensive, you may hesitate to jump into investing in online marketing.
The good news is that there are many budget-friendly marketing strategies, whether through content on your site, through social media, or in partnership with an influencer, to get your brand messaging across online. Here are the most cost-effective ways to create and maximize your online presence.
Maximize Your Return on Investment (ROI)
Getting a high return on investment for all your online marketing campaigns is crucial and indicates your company’s profitability. Create a budget and determine how many sales you’ll need to gain. To measure your ROI, divide your marketing investment by sales achieved. Once your campaign has been running long enough, gather data and weigh whether the performance has justified the investment. This is particularly critical when it comes to Customer Acquisition Costs (CAC). Determine what your CAC is for each branch of your marketing campaign and divide the total spent by the number of customers gained. For example, if you invested $100 in customer acquisition through Facebook ads, and gained 100 customers, that marketing branch has a CAC of $1. The lower the CAC investment, the more profit you’ll make. It’s key to weed out underperforming CAC investments.
When you invest in digital marketing, the costs can be quite low. It costs next to nothing to create email campaigns with MarketTo and MailChimp. Social media pages with posts and interaction with readers, and creating compelling website content costs very little to produce. If you don’t have a big budget you can still successfully advertise by using your social media to generate traffic and bring attention to your brand, company, product, or service by creating content on trending topics that relate to your campaign or brand.
Brand Awareness on a Budget
Your company doesn’t have to break the bank to increase brand awareness. With digital marketing, you don’t have to exert much effort or invest a lot of money. For example, compared to other marketing strategies, email is less expensive and more effective. In fact, according to eMarketer, an email campaign can generate a return of four times more than other strategies. If you have in-house designers and writers who can create and manage your content, you’re set. If you don’t have a team, an agency can help you outsource your design and copywriting, though if you’re on a tight budget it might make sense to study up a bit and learn how to create your own campaign material.
Team Up with a Social Media Influencer
Partnering with a social media influencer is a great way for businesses of any size or budget to increase outreach. By offering to sponsor an influencer’s channel, you are associating your brand with them, and hopefully, their followers will respond to influencer recommendations of your product, company, or brand. It is standard practice to either pay for their partnership, or to offer them free products hopefully they’ll endorse, or to provide a special code they can give to their followers for discounts on your product or service that gives the influencer affiliate rewards. The right partner with loyal followers in your industry or niche can position your brand to drive sales.